The talk of recessions and media hype about foreclosures seems to have created renewed interest in HUD homes. HUD homes are homes that were purchased by a buyer using an FHA insured Mortgage. The buyer defaults and HUD sells the home. The very first home I ever purchased was a HUD home. Funny I think I locked in at an 8% mortgage rate on that home and thought I received a great rate! Now you can do the same in the high 4% range! I can remember years and years ago driving to HUD's Albany office every Friday morning to get a printed list of new homes on the market at 7:00am when the office opened. This was the only way to do it and only a handful or brokers were aware of the process. Now all HUD homes are available online so you don't need to set your alarm! The availability of HUD homes online is both good and bad. It is great because it makes it easier for you to view homes from the comfort of your own home. However,the overall exposure the homes receive has increased and multiple office and sale prices above listing prices are common. If you are interested in more information on purchasing a HUD call me or search the homes available by county at Albany NY HUD Foreclosures These homes require a thorough inspection and generally need considerable work. HUD will not make repairs so be ready to do some work. Despite rumors and urban legends to the contrary you can't buy one for $1!
